AIG (AIG) Sinks As Goldman Sachs Expects Large Capital Raise, Possible Rating Downgrades
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Shares of American International Group, Inc. (NYSE: AIG) are down over 6% today following a cautious note from Goldman Sachs, which said it looks increasingly likely that the insurer will have to raise more capital.
The Goldman analyst said AIG could have to pay $20 billion on credit-default swap resulting in possible rating agency downgrades and a large-scale capital raise.
Goldman lowered its price target on AIG from $30 to $23, maintaining a Neutral rating.
Shares of AIG are down 65% YTD.
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